BlackRock

The QQQ monopoly is officially over. BlackRock filed for its own Nasdaq 100 ETF this week, with State Street following the next day — both targeting Invesco's $374 billion QQQ franchise after Nasdaq loosened its licensing stranglehold. Invesco shares dropped 5.2% on the news, and for good reason: in fee wars, even a 1-3 basis point advantage can shift billions in flows. JPMorgan analysts called BlackRock's iShares Nasdaq 100 ETF a 'credible competitive threat' — diplomatic speak for 'this could hurt.' Invesco's already bleeding: QQQ saw $8 billion in outflows through February while its cheaper QQQM cousin pulled in $1.6 billion.